Ann: Settlement of Institutional Entitlement Offer, page-3

Never ever seen anything like this it is almost beyond words ... also the claim of a sole institution participating in the placement contradicts the retail entitlement offer booklet which identifies at least 4 participants, I suppose they could be linked. This is not the board/managements fault directly, but they allowed the company to get in to the position where it is having to feed at the very fringe of the financial markets .... as the old saying goes if you lie down with dogs, you will get up with fleas

It looks like the Gleneagle, assuming they stand by their commitment, as well as the sub underwriters are going to be stuck with a hell of a lot of stock. This will take time to wash through the market and I expect that when the shares are issued we will break 1c per share, as the sub underwriters move to control their exposure.